Overview
Title
Notice of Information Collection and Request for Public Comment
Agencies
ELI5 AI
The government wants people to help them make their paperwork less complicated and more useful, especially for a program that helps communities. They're asking if the information they collect is really needed and how they can make it easier for everyone to give them this information.
Summary AI
The U.S. Department of the Treasury is asking for public comments on the information collections related to the Community Development Financial Institutions (CDFI) Bond Guarantee Program. This is part of their ongoing effort to decrease paperwork and streamline processes, as required by the Paperwork Reduction Act of 1995. They invite comments on the necessity and usefulness of the information collected, the accuracy of their estimates, and ways to improve the quality and minimize the burden of this data collection. Interested parties can submit their comments through the regulations.gov website by February 7, 2025.
Abstract
The U.S. Department of the Treasury, as part of a continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act (PRA) of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning information collections utilized by the CDFI Bond Guarantee Program (BG Program). Information on the BG Program can be found on the CDFI Fund's website at https:// www.cdfifund.gov/programs-training/programs/cdfi-bond.
Keywords AI
Sources
AnalysisAI
The Federal Register document under review is a notice from the U.S. Department of the Treasury seeking public comments on information collection for the Community Development Financial Institutions (CDFI) Bond Guarantee Program. This initiative is part of the ongoing efforts to reduce paperwork burdens as mandated by the Paperwork Reduction Act of 1995. Comments are requested on whether the information collected is necessary and useful, the accuracy of estimates provided by the agency, and ways to enhance the quality and reduce the burden of data collection. The deadline for submitting comments is February 7, 2025.
General Summary
The document serves as a call for public input regarding the forms and processes used in the CDFI Bond Guarantee Program. This program is designed to provide long-term capital to CDFIs to support community and economic development, especially in underserved communities. To facilitate this, the Treasury Department uses several forms to gather information from participants. The department seeks feedback to ensure these forms are effective and that the information collected serves its intended purpose without placing an undue burden on respondents.
Significant Issues and Concerns
There are several notable issues within the document that warrant attention:
Lack of Cost Details: The document does not provide specific information on the costs involved in the CDFI Bond Guarantee Program, which could lead to concerns about potential overspending or inefficient use of resources.
Impact on Program Effectiveness: There is no detailed explanation of how the collected information will impact the effectiveness of the program, raising questions about the necessity of certain data collection processes.
Complexity of Request for Comments: The questions posed for public comment could be perceived as complex, making it challenging for the general public to respond effectively.
Clarity on Form Changes: The document mentions minor changes to forms but lacks detailed explanations, potentially leaving stakeholders uncertain about the impact on data collection requirements.
Terminology Confusion: Terms such as "Qualified Issuers" are not defined, which could lead to confusion for readers who are not familiar with the CDFI Bond Guarantee Program.
Impact on the Public
The public broadly stands to benefit from this opportunity to provide input on government processes, promoting transparency and engagement. However, the complexity of the questions and insufficient explanations might limit effective public participation. The call for comments allows for potential improvements in how data is collected, ultimately aiming to streamline processes and reduce paperwork burdens.
Impact on Stakeholders
For stakeholders, particularly CDFIs and Qualified Issuers involved in the Bond Guarantee Program, the document represents both an opportunity and a challenge. On one hand, they have a chance to influence the forms and processes that directly impact their operations. On the other hand, the lack of detailed information and clear definitions may hinder their ability to provide meaningful feedback.
In summary, while the Treasury’s effort to seek public input is commendable, the document could benefit from greater clarity and transparency to ensure that both the general public and specific stakeholders are informed and empowered to participate effectively in the comment process.
Issues
• The document does not provide specific details on the costs associated with the CDFI Bond Guarantee Program, potentially obscuring wasteful spending.
• There is no detailed breakdown of how the information collected will directly impact program effectiveness, which could lead to unnecessary data collection burden.
• The request for comments section includes complex questions about the utility and clarity of information, which might be difficult for the general public to address comprehensively.
• The document could benefit from a clearer explanation of minor changes in forms to ensure stakeholders are informed on how their data collection is affected.
• The term 'Qualified Issuers' is not explained within the document, which may cause confusion for readers unfamiliar with the program.